New blockchain platform verifies lab results for CBD products

CBD LabChain wants to build consumer confidence in products that use cannabidiol.

Smart contracts and blockchain provide the necessary confidence, says the Princeton professor
Princeton professor of computer science Ed Felten says that blockchain will enable smart contracts in the future that offer confidence in business systems, but there are some myths and misconceptions.

Cannabis and cannabidiol companies have to manage their money and control product quality, just like more conventional companies. Unlike conventional companies, these companies often choose blockchain to build their own business tools and processes, because existing services do not always work for this new and growing market.

Blockchain startups use the technology to help marijuana growers track products from seed to final sale (ParagonCoin), streamline the purchasing process (Budbo) and serve as a payment solution for agricultural, hemp and tobacco products (HempCoin).

One cannabidiol producer has switched to blockchain to improve consumer confidence in CBD products. No Borders Inc. announced the launch of CBD LabChain at the Blockchain 2019 Expo in San Francisco. This platform uses blockchain to track lab test results of CBD products.
Joseph Snyder, CEO of No Borders, said this is the culmination of two years of work to identify a specific and current business use of blockchain.

“This will also improve safety and transparency in the supply chain of CBD products,” he said.

The Brightfield Group estimates that sales of CBD products will reach the top of $ 5 billion this year, an increase of 700% from 2018. Brightfield predicts that sales in 2023 could reach $ 24 billion with most of sales from retail chains, online and health food stores. CBD comes from the hemp plant, a cousin of the marijuana plant. CBD is a component of marijuana but does not cause ‘high’.

SEE: Special report: Use IoT in the company (free PDF)

No Borders Naturals will keep all third-party laboratory tests on the platform. CBD LabChain will store tetrahydrocannabinol (THC), CBD and other laboratory test data and make these results available via a QR code. No Borders Labs will also offer CBD LabChain as a platform-as-a-service (PaaS) for other CBD brands, extraction facilities and wholesalers.

The platform is inspired by market research with medical professionals, fitness enthusiasts and other consumers. No Borders Labs noted that consumers have two somewhat conflicting concerns about the use of CBD products:

FDA guidance is blurred here and state laws also vary. No Borders Labs gambles that its stamp “approval guaranteed with Blockchain” on product labels will give consumers a standard for assessing CBD products.

The goal of No Borders is to use blockchain, IoT and other technology in practical cases for business use. No Borders has subsidiaries that sell CBD products, dental supplies and technological advisory services.

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No Border Labs uses a blockchain platform to keep track of the lab results of CBD products.

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